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Bars and nightclubs are unwittingly doing themselves out of the best insurance rates. Marsh Bar and Club Insurance has found that venues are paying over the odds by signing up to long-term insurance policies that lock them into unfavourable rates.
The specialist leisure industry insurance brokers are now warning bars and clubs not to sign up to such policies and to check their current documentation as long term agreements do not allow venues to take advantage of competitive premiums.
Rob Marsh, managing director of Marsh Bar and Club Insurance, explains: “We have noticed a massive increase in the number of bars and clubs that have found themselves tied into long term agreements with other insurers - many not knowingly.
“The insurance market is notoriously volatile and insurance premiums are steadily declining – especially for the leisure industry. The premiums for long term agreements are set at the current market rate and venues are therefore paying above the odds for an indefinite period.”
For venues that have signed up to such policies without knowing, Marsh and Company are seeking to clarify the legality of this situation in order to help bars and clubs to take advantage of better market rates.
If you require any further details or advice on this practice, or information regarding our bar and club insurance services, please contact Steve Gibbons at Marsh Bar and Club Insurance on 0116 2043400.
For further media information CONTACT Holly-Marie Draper at hopwood PR on 0116 2544472
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